Ann: Becoming a substantial holder, page-24

Not sure who did the last capital raising (Fosters did the IPO), but in Australia I believe Canaccord makes more money from placements and IPOs than anything else.

1PG is going to have to raise equity over and over and over.

I would say it is highly likely Canaccord wants to raise equity for them (and may already being doing that).

While I am sure Canaccord believe what they have written and I like Canaccord etc, do you think they will lean towards a bullish or bearish piece of research? Who knows.